Bulk samples of an ultrafine-grained tungsten–tantalum composite alloy have been synthesized by consolidating mechanically milled composite powders. The grain growth during densification is limited due to the submicron-scale layering of the individual metals in the composite particles and the relatively low sintering temperature (1300 °C). The ultrafine microstructure of the high-density (∼99% theoretical density) samples leads to a high yield stress of ∼3 GPa under quasi-static uniaxial compression. A tendency for Ta-rich solid-solution formation during densification was observed, and the high-temperature phase equilibria in the composite powders were examined further using high-energy x-ray diffraction at temperatures up to 1300 °C.